The Homeric journey that equities have set themselves on progressed into a third straight week in Monday’s trading, this time posting one of those incremental improvements that’s looked like the mortar in the wall of worry the Wall Street has been climbing. The S&P 500 Index (GSPC)climbed to itshighest value since Nov. 4, finishing the session at 982.
The index recorded its ninth advance in the previous 11 trading sessions, dating back to the cusp of earnings season, when Goldman Sachs (GS)started to rally, a gain that’s carried the stock up 16%.
The bullshave waged most of their assault with a series of quick sprints interspersed withhand-to-handskirmishes with the bears.In four of the last six trading sessions, including Monday’s 3-point advance that carried the S&Pto 982 points, the index has risen by a fraction of a percentage point. Most of the success has been realized in twotrading session last week thatimproved the index 2.3% and 1.1%, and cumulatively added 33 points to the rise.
Monday’s season featured some muted reactions to second-quarter results, including a fraction of a point improvement in Honeywell (HON)following an uneven earnings performance that included full-year guidance to the low end of its range of estimates. RadioShack (RSH)lost nearly 7%, relinquishing much of the gains etched Friday on two upgrades, after failing to impress analysts with its quarterly performance.
The pace of the earningsparade picks up Tuesday, but there’s no guarantee that investors are going to respond any more constructively. U.S. Steel (X)is slated to record its second consecutively quarterly loss amid one of the worst downturns in the market for raw materials.
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